According to data provided by analytics firm CryptoQuant, Ripple co-founder Chris Larsen recently offloaded a total of 50 million XRP tokens worth a total of $120 million over the past hour alone.
This marks the first time that the Ripple co-founder has sold a substantial portion of XRP since July.
Huge news, little price action
The recent move by Larsen has coincided with Ripple-backed firm Evernorth announcing that it would go public with a SPAC merger with Armada Acquisition Corp.
The firm has secured a whopping $200 million worth of funding from Japanese financial giant SBI Holdings. Apart from Ripple and SBI Holdings, the list of backers also includes Kraken and Pantera Capital.
Evernorth is aiming to raise a total of $1 billion. The proceeds from the deal will be used for funding the purchases of XRP. The company's IPO and treasury strategy are explicitly built around the Ripple-linked token.
The massive XRP-centered news story has failed to propel the price of the token, which is up only by a mere 2.5% over the past 24 hours. The Ripple-linked token is only slightly outperforming the market despite the official treasury announcement.
Larsen's recent sale also indicates that he might not be entirely sold on the hype.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team